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With $6.3 Million in Revenues for Q1 of 2018, and Steps Taken to Reduce Debt, Company on Clear Track to Outperform 2017
FORT LAUDERDALE, Fla., May 08, 2018 -- PotNetwork Holdings, Inc. (OTC Pink:POTN) is pleased to announce a debt retirement of $1.2 million. With less than $1.7 million in debt still outstanding in Q2, the Company is positioned to meet and exceed growth expectations for 2018.
During the first quarter, the Company reached an agreement with a debt holder exchanging a $1.2 million convertible promissory note for common stock purchase warrants at $.25 per share, effectuating a shift in debt to equity. With now less than $1.7 million in overall notes payable, the Company has taken a significant step forward toward improving its ratio of assets to liabilities, reducing its debt service, and improving its overall financial metrics.
The company recently announced record breaking sales performance results for March 2018. With over $2.2 million in sales revenue recorded across the month, the company has posted a 152% year over year increase when compared with March of 2017.
With over $6.3 million in revenues recorded for Q1 of 2018, PotNetwork Holdings, Inc. is well on track to exceed its performance from 2017. The company recently announced the release of audited consolidated financial statements reporting 2017 sales of $14.5 million.
About PotNetwork Holding, Inc: PotNetwork Holding, Inc. (OTC Pink:POTN) is a publicly traded company that acts as a holding company for its subsidiaries, First Capital Venture Co., the owner of Diamond CBD, Inc., the maker of Diamond CBD oils.
Safe Harbor Act: Forward-Looking Statements are included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
PotNetwork Holding Inc.
Investor Relations:
Marisol Elwell, 1-800-915-3060
[email protected]
